Karnataka bank posts Rs 135.57 crore profit for Q3

Karnataka bank posts Rs 135.57 crore profit for Q3

The city-based private sector Karnataka bank has posted a net profit of Rs 135.37 crore for the third quarter of current financial year with a growth rate of 9.93 percent as against Rs 123.14 crores net profit earned during the corresponding quarter of the previous year.

The bank posted a net profit of Rs 451.10 crore for the nine months period ended December 2020,as against Rs 404.47 crore for the corresponding period last year with year-on- year growth rate of 11.53 percent, a bank release here said.

At a meeting of the board of directors here through video-conferencing, the board approved the financial results for the quarter and the nine-month period ended December 31, 2020.

The operating profit during Q3 of the current financial year stood at Rs 437.96 crore.

Further, for the nine-month period of the current financial year, the operating profit stood at Rs 1,615.34 crore as against Rs 1,265.23 crore for the corresponding period of the previous year and registered a y-o-y growth of 27.67 percent.

The bank has clocked a business turnover of Rs 1,27,013.55 crore as on 31-12-2020, with deposits of Rs 73,826.06 crore and advances of Rs 53,187.49 crore.

Retail and mid-corporate advances have shown a y-o-y growth of 9.75 percent.

Announcing the results at the banks headquarters here, managing director and CEO M S Mahabaleshwara said the strong numbers of Q3depict the resilience of the bank in spite of the Covid-19 pandemic.

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